Credit Rating

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South Africa

Sasol

MOODYS

Baa3, stable

Baa3, negative

STANDARD & POOR’S

BB, stable

BBB-, stable

In November 2017, S&P Global Ratings (S&P) lowered its long-term foreign currency sovereign credit rating on the Republic of South Africa to 'BB' from 'BB+' and affirmed the 'B' short-term foreign currency sovereign credit rating. The outlook is stable.

In October 2018, as a result of the partial prepayment of secured debt relating to the Lake Charles Chemicals Project due December 2021, S&P upgraded the issue rating on Sasol Financing International Ltd’s $1 billion 4.5% senior unsecured notes due 2022 from BB+ to BBB-

In December 2018, S&P affirmed Sasol’s ratings at a BBB-/A-3 with a stable outlook. This is two notches above the sovereign credit rating and is at investment grade.

During March 2018, Moody's Investors Service (Moody’s) affirmed South Africa’s Baa3 ratings but changed the outlook from negative to stable. In May 2019, Moody’s affirmed Sasol’s Baa3 ratings, with the outlook changing from stable to negative. Sasol’s national scale long-term rating was lowered from Aaa.za to Aa1.za. Moody’s does not see Sasol being rated more than one notch above the sovereign.